New Mexico: First Time Buyer Programs & Mortgages

First-time buyers moving to New Mexico will find diversity everywhere in the “Land of Enchantment”. With lush greenery in the north, desert vistas in the south, and mountains and skiing in-between, New Mexico residents experience the four seasons and have plenty of opportunities to enjoy outdoor activities. Entertainment options abound as well, from Albuquerque’s International Hot Air Balloon Fiesta to the many art festivals in Santa Fe to everything ‘alien’ in Roswell. Just be careful when it comes to taking sides when it comes to chiles, as New Mexicans take this particular food very seriously.

Why People Want To Move To New Mexico

Along with the diversity in culture, scenery and weather, New Mexico offers much in the way of employment options. Two of the state’s largest employers are Intel and the National Laboratory in Los Alamos, but New Mexico is also known for its military bases and mining, oil and natural gas industries. With an affordable cost of living, beautiful scenery and home values increasing almost 6% year over year, it’s no wonder first-time buyers are looking to make New Mexico their new home.

2017 First Time Buyer Programs & Loan Pre-Approval In New Mexico

Looking for a buyer program specific to NM? If, you’re confused about your options give us a call at 615-873-0367.

Loan Program Name

Loan Program Requirements

Downpayment Requirements

Program Limiations

Loan Program Benefits

USDA

Property must be located in an eligible area. Check property eligibility.

100% financing and 0% down payment

Income restrictions do apply. These are determined by county.

100% financing and 0% down payment

HomeReady Program - Purchase or Limited cash-out rate and term refinance.

1.) Home Ownership education is required and certificate must be retained in the mortgage file. 2.) Occupancy is 1-4 units Principal Residence.

1.) Standard debt to income is 45%, in certain cases up to 50%. 2.) Occupant may not have an ownership interest in any other property at the time of closing.

1.) Non -Occupant borrowers are permitted at max 95% LTV,income can be considered as part of qualifying income. No property limitation on ownership of other property for the non-occupant borrower. 2.) Loan to Value up to 97%.